NEW YORK, May 18, 2013 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Ventrus Biosciences, Inc. ("Ventrus" or the "Company") (NASDAQ: VTUS).
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The investigation focuses on whether the Company and its executives violated federal securities laws by issuing false and/or misleading statements and failing to disclose materially adverse facts concerning the Company's lead product iferanserin (VEN 309) ("VEN 309").
The Company described VEN 309 as a new chemical entity for the topical treatment of symptomatic internal hemorrhoids. According to Ventrus, VEN 309 demonstrated good tolerability and no severe adverse events while showing statistically significant improvements in bleeding, itchiness, and pain in seven clinical studies between 1993 and 2003. Moreover, the Company touted that the prior results from Phase II trials of VEN 309 demonstrated the product's clinical efficacy.
However, Ventrus issued a press release on June 25, 2012 announcing that VEN 309 failed its Phase III trial, causing the Company to abandon further development of VEN 309, including any further attempt to obtain FDA approval. In response to this news, the price of Ventrus common stock plummeted over 50%, to $5.02 per share, on June 25, 2012.
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Take Action
If you invested in Ventrus stock or options between December 17, 2010 and June 25, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/VTUS. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ventrus' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
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Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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